UAE projects worth over $300 billion put on hold
On Tuesday, Dubai-based research firm Proleads Global said that because of the global financial crisis, more than 400 projects worth over $300 billion have been placed on hold or cancelled in the United Arab Emirates.
The firm added that this year the construction sector in the UAE will stabilize; and, in the year 2010, it is expected to show signs of recovery. It said that several projects in various sectors are scheduled for completion by 2011, with most of the completing in 2010.
The report added: "The study identifies a slowdown in new projects in the commercial and retail; education and healthcare projects being placed on hold more often than in the past; a slowdown in leisure and entertainment and an increasing rate of cancellations in the residential sector."
Due to the slump, Dubai's once-booming property sector has been hit particularly hard; where as the country's capital, Abu Dhabi, home to most of the UAE's oil, has been more flexible.
The report said that in the UAE more than 750 active projects are under construction, and 450 have been recently completed.
In the month of February, Proleads said that 52.8% of projects were on hold, whereas a further $698 billion-worth remained in progress.
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